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Home Buyers Mistakes & How to steer clear of the mistakes

One of the most crucial decisions in life is purchasing a home. Being properly educatedon the do’s and don’ts can make buying a home less hassle free and make it a greatinvestment futuristically.

Here are the most frequent mistakes home buyers make:

1. Not using a trust advisorWorking with a professional will get you the best price with a hassle freeexperience.

2. Looking at homes out of your price range.It is critical to get a mortgage assessment done before looking at homes to gagewhat you can afford. Get a full mortgage pre-approval from your bank or broker(a commitment from the lender stating the purchase price and your interest rate.)

3. Purchasing the wrong homeMaking a wish list of what your home consists of will erase your “regret ofpurchase” in the future. For example, number of washrooms, bedrooms, whattype of neighborhood.

4. Not hiring a home inspector to save moneyNow a days, even new homes need to be inspected. Checking everything fromthe foundation to the roof can distinguish a disaster in the future from a greatfuture investment.

5. Only visiting the home once.It’s important to visit your future home more than once. Seeing it in a differentlight can change a person’s mind to purchase.

6. Letting fear get the best of you.Although it is intimidating purchasing a new home, having done your homeworkwill make you more at ease. Having a fixed asset will set you on your way tofinancial freedom.

7. Not prepared for closing costsKeep in mind, the down payment isn’t the only cost. Land transfer taxes, lawyerfees, insurance and other costs still linger before the dead is done. Keep alladditional costs in mind.

8. Deciphering your mortgageIt is critical that you “understand” your mortgage. Understanding your mortgagewill save you money in the end. There are many factors to a mortgage,amortization, payment privileges, whether the mortgage is portable and insuranceneeds. Again, doing your homework will have your pockets thicker, not thinner.

9. Understanding purchasing a new and resale homeBoth have advantages and disadvantages. Comparing them is key. Resale iswhat you buy is what you get. New is having choices from finishes to location.Although keep in mind there may be construction delays.

10. Preparing for moving day!Contacting the priorities, movers, utility companies and secure all insurance.Failing to do so will add more headache and hassle, instead of joy and excitement.

Century 21 Canada Limited Partnership currently has franchise opportunities available in select markets across Canada. The intent of this communication is for informational purposes only and is not intended to be a solicitation to anyone under contract with another real estate brokerage organization. CENTURY 21® is a registered trademark owned by Century 21 Real Estate LLC, used under license.
Each office is independently owned and operated. ®(™) Registered trademarks of Century 21 Real Estate LLC used under license.

The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.